Louisville Home Inventory an Issue
Inventory of single-family homes is a big issue in Louisville. No inventory for buyers simply means they have to go elsewhere for housing. Apartments are the natural choice in that situation. Here’s an example. In January 2015, in Area 6 in Louisville, which is outside the Watterson between Bardstown Road and I-65 all the way to the county border, there was 6 months of inventory with an average marketing time of 90 days. In just one year, by January 2016, there was only 3.5 months of inventory and homes were selling in 50 days on average. By December 2016, there was 2 months of inventory and homes were selling in 34 days. That’s a 67% decrease in months of inventory and a 62% shortening of marketing times. Since we know the homes aren’t changing, it has to be the buyers. Quite simply, homes are being snatched up as quickly as they can come on the market. Most experts would agree that a healthy real estate market has 6 months of inventory with a 60-90 day marketing time. This is great for sellers, tough for buyers. Personally, I sold my home in Lagrange in 8 hours in August 2016. We had 6 offers, all over list price, which resulted in a bidding frenzy that drove the final price even higher.